Should I buy this used car?
My buddy just paid off his Honda 09 EX with 127 thousand miles on it and is willing to sell it to me for 5,500. He let me take it on an hour long test drive and it ran absolutely fine, he changes the oil regularly and I know for fact he drives easy and takes it the best mechanic in town. I currently own a 92 Oldsmobile 88 with 131 thousand miles on it. It runs fine now and I just got done putting 700 on it (new fuel tank and CV shaft and Crankshaft sensor).... One of the biggest uncertainties in this for me though is that I'm 25 years old with no credit, I live with my parents and my 13,000$ is the only thing I have going for me financially and I'm afraid to shrink that down. What would you do?
According to CarGurus and KBB, $5500 is well below fair market value. However, sounds like he drove the hell out of that car. 127k miles on a 5 y/o car is a TON. Personally I would never buy a car with that many miles to start no matter what the make or model. Unless you absolutely need a new car, I would probably just hold off, especially since you just dropped $700 into the car you are currently driving. And get yourself a credit card to start building up credit!
You did not state whether the car is an EX or EX-L nor 2 or 4 door...trade in value for 4 door with that mileage is about 4800 (lo EX) -6200 (Hi EX-L). Mileage: You also did not state where the car has spent its life. I know people that live in west (CO, UT, AZ) that drive almost 100 miles one way to work - if the car was originally put into service late 2008 (as a new 2009 model) and spent alot of time highway driving then 21K per year is not out of normal range...on the other hand living in northeast where people commute 5-20 miles one way in stop and go northeast corridor driving , 127k miles is absolutely high. I would think the 2009 civic is safer than the 92 olds (insurance may actually be less)- airbags, antilock, and probably gets better fuel mileage so at 5500 for the civic, fuel savings over time and money from sale of the olds you would probably break even on money spent relatively quickly depending on how much you drive and whether the civic needs any repairs.
If you don't but it, I'd like to look at it...
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